Newsletter of the Canadian Bar Association (BCBranch) June 1997 Vol. 9 • No.3
INSIDE President's Message ...... 2 Section Talk .................. 3 Chief Justice Allan McEachern speaks on Tradition & Reform in the Court of Appeal ............. 7 Arbitrators needed for proposed trial overflow program ......................... 13 How we can look after ourselves and our colleagues ................ 14- 15 New Provincial Court rules ................................ 16 Fighting money-laundering in the Pacific Rim ......... 22 How to share partner profits ............................ 2 3 Letters to the Editor 2 6 Legislative Update .... 2 9
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Mortgage Title Insurance program continues to grow CBA and Law Society of SC work together on joint concerns
T
he legal profession is responding on could affect more than a third of the Bar's two fronts amid reports that more membership in the province. financial institutions involved in Pinning down how many lawyers have been residential mortgage transactions have affected by title insurance to date is difficult. No signed up for a title insurance program one as yet has hard numb~rs on how many introduced last year in British Columbia. lawyers have lost or are losing business as a The arrival of title insurance in British result of title insurance. But at the rate institutions Columbia-the program uses new technology seem to be signing up, it seems inevitable things will only get tougher unless and techniques in the area of real estate law-triggered the profession meets the SPECIAL REPORT concern within the legal competition head-on. Branch Member Survey profession because it Spurred by the prospect of increased erosion of its effectively cuts lawyers out See Pages 17-20 h·aditional market share in real of the real estate loop. estate business, the profession The increased acceptance of title insurance indicates competition in the has moved to examine the issue of technological field of residential mortgages is only going to get change and is also seeking changes in legislation stiffer. in order to protect the interests of borrowers or In 1996, First American Title Insurance consumers. The first initiative involves a review process Company signed up Canada Trust and since then, says, Gordon Alteman, First American's involving a $40,000 study and the use of a Pacific Region Director; the company has added consultant to do a feasibility evaluation of Mutual Trust (the residential mortgage division conveyancing technology. The review is a joint of The Mutual Group), Surrey Metro Savings initiative of the CBA' s Real Property Section and credit union and Household Realty. the Law Society of BC' s Title Insurance Committee. A tender call closed May 23 and it's Alteman declined to discuss specifics but did confirm that discussions are continuing with expected that a consultant will be hired and other financial institutions . Other sources work underway shortly after. indicated that one and possibly two banks are In tandem with the technology study, the also being wooed. CBA and LSBC committees are also working on With the value of lawyers' fees in residential revisions to the Practice Checklists Manual with real estate practice running to about $75 million a view to both developments in the law and cost ammally and statistics showing that more than efficiency, standard undertakings, standard 2500 members in BC do residential real estate (minimal) notes to adjustments, standard work, the competition posed by the arrival of First American in this important practice area Continued on page I 2